Apply for the Economic Injury Disaster Loan. An application will be emailed to you after 1. above

Apply for the Paycheck Protection Program. https://home.treasury.gov/

President Trump has signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. The $2 trillion stimulus package provides funding for loans and grants to small business directly affected by the coronavirus pandemic.

Apply for a Grant and loan under the SBA’s Economic Injury Disaster Loan (EIDL) program FOR IMMEDIATE ASSISTANCE.

The program provides small businesses with working capital loans of up to $2 million to help overcome the temporary loss of revenue. In addition, small business owners can apply for an Economic Injury Disaster Loan advance of up to $10,000 while waiting for their EIDL loan application to be processed. The loan advance will be made available within three days of a successful application, and the loan advance will not have to be repaid if used for purposes authorized under the SBA Disaster Loan Program even if you are not approved for a loan.

The EIDL loan and grant can help you meet necessary financial obligations that you could have met had the disaster not occurred and can be used to pay for fixed debts (rent), payroll, accounts payable, and other bill that you are now unable to pay due to the disaster. The SBA offers EIDL loans at 3.75% with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Payment terms are determined on a case-by-case basis, based upon each borrower’s ability to repay. You can apply for both the grant and loan on-line at https://covid19relief.sba.gov/#/.

Then refinance your SBA EIDL LOAN INTO a Paycheck Protection Program (PPP) Loan

The Paycheck Protection Program provides federally-guaranteed loans up to a maximum amount of $10 million to eligible businesses. Because these loans offer a lower interest rate (1.0%) and can be partially forgivable recommend that you apply them as well.

PPP loans can be used to pay for payroll costs; group healthcare benefits during periods of paid sick, medical or family leave, and insurance premiums; payments of interest on mortgage obligations; rent/lease agreement payments; utilities; and interest on any other debt obligations incurred prior to accepting the loan. Although applicants cannot have received another SBA loan for the same purposes (no “double-dipping), if you qualify for the PPP loan, you can refinance the EIDL loan into the PPP loan.

Download the loan application https://home.treasury.gov/. After you complete your application, you should contact your current financial institution. If they are not an SBA-approved lender, you can find one using the SBA’s online referral tool (Lender Match).

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